On June 23, Xiaomi Group-W declined 3.2% in regular trading, trading at HK$23.08 per share with turnover of HK$644 million, hitting a new yearly low.

On the news front, Xiaomi's previously disclosed Q1 results showed significant weakness, with total revenue of RMB 99.1 billion, down 10.9% year-over-year, and adjusted net profit of RMB 6.1 billion, plunging 43.1% year-over-year. The deteriorating fundamentals continue to erode market confidence. Additionally, Xiaomi completed a HK$42.5 billion share placement last March at HK$53.25 per share. Based on the current price, participating institutions are now facing paper losses exceeding 55%, intensifying selling pressure as lock-up concerns weigh on sentiment.

Xiaomi Group is an investment holding company principally engaged in the development and sale of smartphones, IoT and lifestyle consumer products, as well as innovative businesses including smart electric vehicles. The company operates through its Smartphone and AIoT segment and its Smart EV and other innovative businesses segment across domestic and international markets.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)